PGT partners with second-largest home builder

Published: Tuesday, June 25, 2013 at 12:54 p.m.

Last Modified: Tuesday, June 25, 2013 at 7:35 p.m.

VENICE - PGT Industries, the maker of hurricane-resistant windows and doors, has formed a partnership with one of the nation's largest home builders to supply products for all of its Southwest Florida and South Florida communities.

Facts

CORRECTION

An earlier version of this story incorrectly stated the size of PulteGroup. It is the second-largest home builder in the nation.

The deal with PulteGroup comes as the home builder is moving its headquarters to Atlanta from the Detroit, Mich., area.

Current projects in Southwest Florida include Pulte's Harrison Ranch in Parrish; The Reserve at Crossing Creek, coming soon in Bradenton; DiVosta Homes' Isles on Palmer Ranch in Sarasota County; Cypress Falls at The Woodlands, a Centex age-restricted community in North Port; and Riverwood in Port Charlotte.

PulteGroup estimates it will build 1,200 homes in the planned Florida communities.

“So it will create a window of opportunity for us,” Jackson said.

The CFO estimated the annual incremental revenue from the deal at $3 million to $4 million per year.

PGT's shares, which trade on the Nasdaq, were selling for $8.24 at the close of regular trading on Tuesday, up 35 cents, or 4.4 percent. They have ranged from $2.50 to $9.25 in the last 52 weeks.

The company's first-quarter sales rose 30 percent from a year earlier to nearly $50 million, with impact-resistant doors and windows accounting for three-fourths of its total sales.

The manufacturer is gearing up for even more gains, hiring 300 people this year.

“We've been hiring a lot this year,” Jackson said. “I think we are at 1,290 as we speak.”

“PGT brings a lot to the table with their ability to meet the product needs of our various communities and their consistent, complete and on-time delivery,” said Dan Gomez, a PulteGroup purchasing agent.

PulteGroup and D.H. Horton are in close competition for the title of the nation's largest homebuilder.

According to Builder magazine, Horton is No. 1 because it had 19,954 closings in 2012, compared with Pulte's 16,505 closings. But Pulte's revenues for the year, $4.82 billion, edged out Horton by $100 million.

<p><em>VENICE</em> - PGT Industries, the maker of hurricane-resistant windows and doors, has formed a partnership with one of the nation's largest home builders to supply products for all of its Southwest Florida and South Florida communities.</p><p>The deal with PulteGroup comes as the home builder is moving its headquarters to Atlanta from the Detroit, Mich., area. </p><p>“The Southeast in general, they have a very strong presence,” PGT chief financial officer Jeff Jackson said.</p><p>PulteGroup communities that will feature PGT products will include those in Sarasota, Venice, Naples, Fort Myers, Jupiter, Stuart, Vero Beach and Palm Beach, PGT said. PulteGroup's brands include Pulte Homes, Centex, DiVosta and Del Webb.</p><p>Current projects in Southwest Florida include Pulte's Harrison Ranch in Parrish; The Reserve at Crossing Creek, coming soon in Bradenton; DiVosta Homes' Isles on Palmer Ranch in Sarasota County; Cypress Falls at The Woodlands, a Centex age-restricted community in North Port; and Riverwood in Port Charlotte.</p><p>PulteGroup estimates it will build 1,200 homes in the planned Florida communities.</p><p>“So it will create a window of opportunity for us,” Jackson said.</p><p>The CFO estimated the annual incremental revenue from the deal at $3 million to $4 million per year.</p><p>PGT's shares, which trade on the Nasdaq, were selling for $8.24 at the close of regular trading on Tuesday, up 35 cents, or 4.4 percent. They have ranged from $2.50 to $9.25 in the last 52 weeks.</p><p>The company's first-quarter sales rose 30 percent from a year earlier to nearly $50 million, with impact-resistant doors and windows accounting for three-fourths of its total sales.</p><p>The manufacturer is gearing up for even more gains, hiring 300 people this year. </p><p>“We've been hiring a lot this year,” Jackson said. “I think we are at 1,290 as we speak.”</p><p>“PGT brings a lot to the table with their ability to meet the product needs of our various communities and their consistent, complete and on-time delivery,” said Dan Gomez, a PulteGroup purchasing agent.</p><p>PulteGroup and D.H. Horton are in close competition for the title of the nation's largest homebuilder.</p><p>According to Builder magazine, Horton is No. 1 because it had 19,954 closings in 2012, compared with Pulte's 16,505 closings. But Pulte's revenues for the year, $4.82 billion, edged out Horton by $100 million.</p>